Cadre Resources (CSL.V) Awaiting production #'s and Financ Message Board

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Gold/Mining/Energy : Cadre Resources (CSL.V) Awaiting production #'s and Financ

CSL 318.41

+0.6%

Nov 7 4:00 PM EST

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To: marcos who wrote (1026)	5/5/2003 5:30:48 PM
From: TrueScouse	Read Replies (1) of 1285

marcos: An update out on Cadre.... Reading between the lines, it looks quite positive to me. Regards, Howy ================================ Cadre Resources Ltd. P.O. Box 48836 Bentall Centre 595 Burrard St., Vancouver, B.C. CANADA V7X 1A8 Phone: (250) 447-6641 TSX Venture Exchange-CSL 12g-2(b):82-2911 NEWS RELEASE May 5, 2003 R. Page Chilcott, the President of Cadre Resources Ltd. (the “Company”) reports that responses to the filing of the Propuesta (proposal) have been received from Corporacion Venezuelana de Guayana (the “CVG”) and Ministerio de Energia Y Minas (the “MEM”). CVG and MEM raised certain issues related to the mining and exploitation of the proposed lower Caroni River Project. A response to those issues is being prepared and will be forwarded in the next few days. The issues relate primarily to the proposed reclamation treatment and handling of metallic and methylated mercury contained in the sediments. In their response to the Propuesta the CVG and MEM suggest filing (a formal application) with the MEM, for the mining rights in accordance with the terms of the Venezuela Mining Law (Ley de Minas) (the ”Law”). The Law requires the preparation and submission of a ‘PLAN with a Feasibility Study (FS) that consists of three areas: technical, financial and environmental.’ Acceptance of the FS is ‘based on the principles of sustainable development, the preservation of the environment and proper land use management.’ Following submission and acceptance of the FS, the MEM shall grant exclusive rights to develop the project (in an environmentally friendly and sustainable development way). The exclusive rights shall be granted for twenty (20) years and such term may, on request, be extended for successive terms of ten (10) years each. On acceptance the MEM takes into consideration what are referred to as ‘special advantages.’ These include ‘supply of technology, infrastructure, community-projects (socio-economic sustainability) training’ etc. which the Project in effect shall offer to the Republic. The proposed technical-financial-environmental Feasibility Study on this environmentally friendly state-of-the-art project will include these ‘special advantages.’ CADRE RESOURCES LTD. Per: R. Page Chilcott The TSX Venture Exchange or any other regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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